LXP Industrial Trust reports Q2 AFFO 16c, consensus 16c

Reports Q2 revenue $87.7M, consensus $87.25M. T. Wilson Eglin, Chairman and CEO of LXP, commented, “We delivered another quarter of solid funds from operations and strong same-store NOI growth. We reached a significant milestone during the quarter with the lease of our 1.1M square foot development facility in the Greenville/Spartanburg market, which increased occupancy and is expected to contribute approximately $3.7M to FFO this year. Finally, we sold an industrial asset at a 4.3% cash capitalization rate and utilized a portion of the proceeds to repurchase $28 million of our floating-rate Trust Preferred Securities at a 5% discount to par value, further reducing leverage and increasing our hedged and fixed-rate debt to 99% in 2025 and 2026.”